All India Benchmark Tables

Transcription

1 All India Benchmark Tables India Microfinance Sector: FY

2 All India Benchmark Tables India Microfinance Sector: FY

3 Contents Acknowledgement i Foreword ii About MIX iii Introduction iv Data & Methodology v Summary vi Brief Analysis vii Benchmark Indicators viii Institutional Characteristics 1 Financing Structure 9 Outreach Indicators 15 Financial Performance 23 Revenues 29 Expenses 35 Productivity 45 Risk and Liquidity 53 Glossary ix List of Institutions x

4 Acknowledgement MIX would like to thank the Small Industries Development Bank of India (SIDBI) for supporting the Indian Microfinance Platform ( which displays the data of Indian Microfinance Institutions and provides additional sector analysis. MIX s collaboration with SIDBI facilitates data collection of the sector, standardizes the data collected and provides analytical tools that present an in-depth analysis of the financial and operating trends in the industry. MIX is privileged to take this opportunity to showcase the result of this collaboration in the form of the All India Benchmark Tables. The report presents the financial and operating data of those institutions for which SIDBI has helped to facilitate the annual data collection for FY and FY MIX is also grateful to all the institutions in the sector that have provided the comprehensive data in a timely manner. MIX would not have been able to provide access to this data and create the analytical report, without the strong support and dedication from all the institutions that helped in building transparency in the industry. i

5 Foreword-SIDBI On behalf of Small Industries Development Bank of India (SIDBI), I am pleased to present the All India Benchmark Tables (AIBT) as part of the ongoing India Microfinance Platform (IMFP) initiative of the Bank in collaboration with the World Bank and the MIX. IMFP has been designed to promote greater transparency in the microfinance sector as a part of the overarching architecture of furtherance of responsible lending practices in the microfinance space in India. SIDBI has over the years played the market maker role in the MFI space. Various initiatives, like, Capacity Assessment Rating- a holistic assessment of MFIs, Code of Conduct Assessment (COCA), creating awareness about responsible finance, developing and disseminating best practices, assisting MFIs in implementing best practices and creating processes to certify MFIs as pro-client etc. IMFP is another such enabling initiative by SIDBI for the orderly, regulated and responsible growth of the sector. IMFP aims to promote greater transparency and responsible microfinance through the development of a common information platform and move the sector towards better governance through formalized monitoring of the microfinance code of conduct by independent organizations. AIBT is one of the sub-parts of the overall IMFP framework. I take this opportunity to compliment the MIX team for their dedicated efforts in developing and executing the IMFP intervention successfully, including AIBT, helping the cause of responsible finance. I would also like to thank the MFIs for sharing the information timely with MIX and making IMFP a reality without which this would not have been possible. World Bank has been a long standing partner of SIDBI and supporting the various responsible lending initiatives undertaken by SIDBI for the progress of the sector and this initiative has been covered under World Bank funding. The AIBT have been modelled after the regional benchmarking tables produced by MIX and include various performance metrics. These provide key performance reference points for tracking the development of sector performance. MIX s global benchmarking tables are one of the authoritative references for tracking the performance of the microfinance sector and its institutions globally. Performance benchmarks serve the needs of a range of actors, from MFIs and lenders, to donors and policy makers. I sincerely hope that this effort adds greater value to the sector. Pradeep Malgaonkar Chief General Manager SIDBI ii

6 Foreword-MIX Since its inception in 2002, MIX provides the global reference on the performance of microfinance institutions (MFIs) through its online MIX Market platform ( published MFI benchmarks, and market reports. As of 2015, MIX Market profiles, thousands of microfinance institutions, their products, operations, financial and social highlights and provides robust industry benchmarks for both financial and social performance. These benchmarks provide important reference points for MFI managers and board members as they set company strategy and track progress in rapidly changing markets. They help lenders, regulators and other stakeholders set appropriate expectations of their MFI partners and continually evaluate market development. Local market partnerships are essential to making these data, benchmarks and analysis relevant to actors in their local environments. These partnerships ensure MIX understands how global industry reporting standards combine with local market needs in data and analysis. MIX s partnership with SIDBI under the India Microfinance Platform (IMFP) exemplifies this approach to combining global practices with relevant local market context. Launched in 2013, IMPF has improved transparency in the Indian microfinance sector through greater coverage of MFIs in the market and through new, quarterly information on the outreach of microfinance at the state and district levels across the country. These All India Benchmark Tables form part of that collaboration and provide the most comprehensive look ever at the evolving performance of Indian microfinance over the last couple years. MIX would like to thank SIDBI for its support and all participating MFIs for their continued collaboration in providing timely, complete data on their outreach and performance. The resulting information and analysis will help guide Indian MFIs and lenders in strengthening responsible finance in the sector. Blaine Stephens Chief Operating Officer MIX

7 About-MIX In 2012, MIX celebrated 10 years of collecting data and producing analysis on the Indian microfinance sector. Indian MFIs were then, as they remain now, the largest share of the global market, and the single largest country contributing to MIX s global industry benchmarks. As of the 31st March, 2014, MIX hosts the data of 88 Indian MFIs, covering 98% of the Indian market. Many of these MFIs have partnered with MIX since their inception, or MIX s inception. MIX is a featured speaker or participant in several industry events, and a regular contributor to key industry reports like the annual State of the Sector and Social Performance reports. MIX is the leading provider of business information and data services in the global microfinance industry. MIX ( is dedicated to strengthening the microfinance sector and is a public data hub where microfinance institutions (MFIs) and supporting organizations share institutional data to create transparency and market insight. This exchange enables users to establish reporting standards, reduce reporting burden, and promote responsible investment. Supported by validated social and financial performance data, MIX provides analysis on risk and opportunities in the market where MFIs operate. Through this it aims to promote responsible financial services for underserved communities through data analytics and market insight. Since 2002, MIX has spearheaded the development of industry standards and transparency in the microfinance sector across the globe. Now, as hosts to deep datasets on over 2,100 MFIs worldwide, MIX has grown with the sector, developing online benchmarking tools, a financial inclusion platform, social performance profiles, a suite of fresh market intelligence products as well as a new set of common reporting solutions for MFIs and funders. Fast innovation on new data products and tools is the cornerstone of MIX s strategy to both keeping pace with and influencing the direction of a quickly changing sector like microfinance. Globally renowned for quality, MIX s database calculates over 50 ratios for each MFI in addition to hosting full balance sheets and income statements, portfolio reports, aging reports and institutional profiles. This report is the product of the MIX s Enhanced Market Intelligence analytics. iii

8 Introduction MIX has collaborated with SIDBI to build the Indian Microfinance Platform (IMFP / www. indianmicrofinanceplatform.in) that showcases the richness of data and insight on Indian microfinance available on the platform. The aim of this collaboration is to expand the scope of data available in the industry and analyze the given information. MIX has an objective to increase the usage and understanding of the data amongst all stakeholders across the industry and provide transparency of the data. MIX and SIDBI are pleased to present the All India Benchmark Tables for FY This report captures operational and financial trends of the microfinance industry for FY and FY The analysis is based on the annual financial and operational data provided to MIX and based on the Audited Financials Statements submitted by 88 institutions associated with MIX. The Benchmark report is the most authoritative reference for tracking the performance of the microfinance sector and Indian institutions. These benchmarks include a range of performance variables, from growth and revenues, to risk and efficiency. MIX has produced an all India version of these benchmark values on a set of metrics agreed upon with SIDBI and published on the IMFP. This all India report includes the peer groups that are relevant to the Indian context. This report provides the users a tool with which they can understand an institution s performance and progress within a rapidly evolving industry, standardized in accordance with internationally accepted terms, and benchmarked with the performance data of other, similar institutions. The All India Benchmark Tables allows a range of actors to track the development of sector performance and highlight key issues as they emerge. From MFIs and lenders, to donors and policy makers, all actors can use this fundamental information in some aspect of decision-making. iv

9 Data & Methodology l The data and analysis is based on financial and operating numbers for FY and FY , for a total of 88 MFIs in the country. l The financial analysis is based on the audited financial statements of MFIs for FY and FY l Operational and portfolio quality data are a self-reported. l The data has been balanced over the time periods stated above for all metrics individually to provide a comparable base. To balance the data, report includes only those institutions that have reported for both time periods for each of the indicator. l A footnote is provided for all the indicators that explains the number of institutions included in the balance panel (n). l Ratios across various indicators have been derived based on simple averages and weighted averages, which have been stated in the footnote of each indicator page as applicable. l The benchmark values have been presented at four different levels, i.e. Minimum, Maximum, Median and Averages (simple and weighted averages as stated) across all the indicators and different peer groups. l Peer grouping information of the 88 institutions reported for FY and FY is explained in the peer grouping section on the following page. l The classification of the financial statements is based on IFRS Standards. l MIX follows global industry standard definitions and formulae that are used for all analyses in the report. (Refer the glossary for the details of all the definitions and ratios used in the publication) l Fiscal year runs from 1st April to 31st March. Peer grouping The All India Benchmark Tables has three peer group category displayed across all the indicators. These peer groups are, Legal status and by GLP, (please refer the table below for its explanation) of 88 institutions reported for FY and FY The peer group distribution widens the scope of comparison of individual institutions and a group of institutions. It differentiates the MFIs positioning and thus helps to draw a comparison across the others. Peer distribution Legal Status by GLP 9 21 New Young Mature NBFI NGO Other < 100 Crore Crore 500-1,000 Crore > 1,000 Crore v

10 Peer group Subgroups Description AGE New Young Mature MFIs that have been in operation from 0 to 4 Years. Number of years, calculated from the date of establishment of the MFI till 31st March MFIs that have been in operation from 5 to 8 Years. Number of years, calculated from the date of establishment of the MFI till 31st March MFIs that have been in operation for more than 8 Years. Number of years, calculated from the date of establishment of the MFI till 31st March All the Non-banking financial company (NBFC) & NBFC- MFIs are categorised as NBFI. LEGAL STATUS SCALE BY GLP NBFI NGO Others A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in non-banking activity. NBFC-MFI is defined as a non-deposit taking NBFC (other than a company licensed under Section 25 of the Indian Companies Act, 1956) with Minimum Net Owned Funds of Rs.5 crore (for NBFC-MFIs registered in the North Eastern Region of the country, it will be Rs. 2 crore) and having not less than 85% of its net assets as qualifying assets. An organization registered as a nonprofit for tax purposes or some other legal charter. Its financial services are usually more restricted, usually not including deposit taking. These institutions are typically not regulated by a banking supervisory agency. Others include : Banks, Rural Banks, Credit Union/Cooperative banks and Private Trust. <100 Crore MFIs that have Gross Loan Portfolio size less than 100 Crore Crore Crore MFIs that have Gross Loan Portfolio size from 100 to 500 Crore. MFIs that have Gross Loan Portfolio size from 500 to 1000 Crore. >1000 Crore MFIs that have Gross Loan Portfolio greater than 1000 Crore. *Complete list of MFIs under different peergroups can be seen at the end of the document.

11 Summary Institutional Characteristics Snap shot - FY * 1 Assets (Amount in Crore) (Σ) `31, Equity (Amount in Crore) (Σ) `4, Borrowings (Amount in Crore) (Σ) `24, Number of Branches (Σ) 11,560 5 Personnel (Σ) 81,491 Financing Structure 6 Capital to Assets Ratio (WAV) Debt to Equity Ratio (WAV) Gross Loan Portfolio to Total Assets (WAV) % Outreach Indicators 9 Number of Active Borrowers (Units in Thousands) (Σ) 32, Number of Loans Outstanding (Units in Thousands) (Σ) 30, Gross Loan Portfolio (Amount in Crore) (Σ) `32, Average Loan Balance per Borrower (A) `10, Average Outstanding Balance (A) `9, Financial Performance 14 Return on Assets (WAV) 2.38% 15 Return on Equity (WAV) Operational Self Sufficiency (A) % Revenues 17 Financial Revenue / Assets (WAV) 20.31% 18 Profit Margin (A) 6.88% 19 Yield on Gross Loan Portfolio (WAV) 19.75% Expenses 20 Total Expense / Loan Portfolio (WAV) 18.12% 21 Financial Expense / Loan Portfolio (WAV) Provision for Loan Impairment / Assets (WAV) -0.01% 23 Operating Expense / Loan Portfolio (WAV) 8.43% 24 Personnel Expense / Loan Portfolio (WAV) 6.88% 25 Administrative Expense / Loan Portfolio (WAV) 3.39% 26 Cost per Borrower (A) `1, Cost per Loan (A) `1, Productivity 28 Borrowers per Staff Member (A) Loans per Staff Member (A) Borrowers per Loan Officer (A) Loans per Loan Officer (A) Personnel Allocation Ratio (A) 58.09% Risk and Liquidity 33 Portfolio at Risk > 30 Days (WAV) 13.66% 34 Portfolio at Risk > 90 Days (WAV) 13.43% 35 Write-off Ratio (WAV) 1.33% 36 Loan Loss Rate (WAV) 1.23% 37 Non-Earning Liquid Assets / Assets (WAV) 16.3 *Note: (i) Gross loan portfolio includes On and Off balance sheet (ii) Total = /Average = (A) / Weighted Average Value = (WAV) vi

12 Data Brief & Analysis Methodology Institutional Characteristics Over the last two years, FY and FY the microfinance industry in India has shown signs of revival as institutions have diversified their portfolios away from Andhra Pradesh. The total asset size of the industry grew by 29.7%, to Rs 31,400.8 crore in FY as compared to growth of 14.2% to Rs. 24,202.8 crore in FY While comparing the average assets of the institutions by scale, it is seen that institutions with loan portfolios greater than 500 crore are above the aggregated average assets in the industry. (See the average benchmark values by peer group graph for assets). In FY , the aggregate equity value saw a decline of 32.7%, though there was a positive turnaround in FY when the equity grew by 35.. Bandhan, Janalakshmi and SKS held the highest equity sizes of Rs. 1,173.9 Crore, Rs Crore and Rs Crore, respectively. Most of the institutions with a major share of portfolio in AP had to take a hit by providing for or writing off that portfolio which resulted in losses and hence they reported negative equity. At a pan-india level, outstanding borrowing registered a slower growth during FY of 29.2% as compared to the growth of 31.5% in FY Mature institutions under the peer group have reported outstanding borrowing of Rs which is slightly above the benchmark value of Rs The effect of the AP crisis had also impacted the number of branches and personnel of the institutions during FY However, in FY the institutions are on the recovery path and expanded their scope of business. Thus, the number of branches increased by 11.8% and total personnel increased by 10.2%. Financing Structure The rise in the capital to asset ratio to 14.3% in FY from 13.7% in FY can be attributed to various factors such as capital infusions, an increase in profits, and a constant gross loan portfolio as the GLP growth was negated by write-offs (AP portfolio). The stabilization in the industry with the help of regulations has brought back the confidence of the banks in the sector and thus has brought in more borrowing which results in an increase in the debt to equity ratio. Outreach Indicators Despite facing the AP crisis, the focus of the institutions has been on growth. This can be seen in all outreach indicators. In FY , the total number of borrowers increased by 20.1%, to million from million in FY However, the borrower growth in FY was only 9.4%. The total gross loan portfolio of the institutions has grown 35.6% in FY as compared to 21.2% in FY The Average outstanding balance has increased to Rs 10,141 in FY from Rs. 8,991 in FY It is observed that in FY , under the peer group category of, all of the sub-groups have an almost similar average loan outstanding size. vii

13 Bandhan and Shri Kshethra Dharmsthala Rural Development Project (SKDRDP) reported the highest in all three main outreach indicators of the number of active borrowers, the number of loans outstanding and gross loan portfolio. Financial Performance The aggregated weighted average return on assets decreased to -12.1% in FY In FY however, the sector had revived and registered a positive weighted average return on assets of 2.4%. Average return on equity has a clear shift from -77.2% in FY to a positive value of 18.3% in FY This turnaround can be attributed to the institutions with the GLP size of greater than 500 crore, which reported higher return on assets in FY Even with negative profit margins, the institutions are self-sufficient with an average operation selfsufficiency of over 114.5% in FY and 106.5% in FY Revenues The below chart gives a relation between various expenses with respect to financial revenue earned by the institutions in the year and Except for instituitions with GLP above 1000 crore in FY , the revenue is less than total expenses for all other peer groups in both the years. 4 35% 3 25% 2 15% 1 5% -5% Breakdown of Revenues & Expenses FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 < 100 Crore Crore Crore > 1000 Crore Finance Expense Operating Expense Provision for Loan Impairment Assets Note: The above chart represent weighted average value used in the benchmark table for the period under review Finance Revenue FY has witnessed the sector returning to profits. The average profit margin has increased to 6.9% from -40.6% in FY Of the 88 total number of institutions reporting during the year, 80 institutions have a positive profit margin. The 8 institutions which have negative profit margins are all AP-based institutions and have undertaken the Corporate Debt Restructuring (CDR). Institutions have to follow the pricing guidelines set by the RBI and thus it is seen that across all the peer groups the yield on the gross loan portfolio has only a marginal movement. The institutions with the GLP of less than 500 crore have a yield above the aggregated weighted average of 19.7%, whereas the institutions with GLP above 500 crore have slightly lower yield than the aggregated average. Expenses Over the last couple of years, institutions have been watchful about their expense activity as the average total expenses as a percentage of loan portfolio reduced to 18.1% in FY from an average of 32.2% in FY The provision for loan impairment to asset ratio of 14.8% was the major contributor of the total expenses in FY In FY the decline in the total expense was driven by a decline in the provision for loan impairment to (-0.01%) from 14.9% in FY

14 Operating expenses, which constitute personnel and administrative expenses, have increased marginally to weighted average of 8.4% of the portfolio over the previous year. Of the split, the weighted average personnel expenditure to portfolio has reduced to 6.8% in FY from 7.8% in FY The average administrative expense on the other hand has increased to 3.4% in FY from 2.6% in FY The average values in the above graph show that institutions with a GLP size of less than 100 crore have the highest operating expenses of 12.3%, whereas institutions with the GLP size of greater than 1000 crore have 7.7% of operating expenses. The decrease in the total expenditure coupled with an increase in the average number of active borrower has resulted in a marginal increase in the cost of borrower of Rs. 1,046.1 in FY from Rs. 1,035.8 in FY Productivity In FY , there is a tremendous increase in the productivity of loan officers in managing their loans. The average loans per loan officer grew by 21.7% in FY as compared to a nominal growth of only 9. in FY Similarly, the trend in borrowers per loan officer increased over the year. On an average, loan officers in an institution constitute roughly 58. of the total personnel and this level which has changed only marginally over time. Risk and Liquidity Below comparison between risk portfolio and write off ratio explains that the write off is steady at all the peers groups except for institutions with GLP less than 100 crore in FY Portfolio Quality FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 FY 13 FY 14 < 100 Crore Crore Crore > 1000 Crore PAR > 30 Days PAR > 90 Days Write-off Note: The above chart represent weighted average value used in the benchmark table for the period under review At an industry level, the risk portfolio has decreased from 19.7% to 13.6%. It is seen that mature NBFI s with the gross loan portfolio of more than 500 crore have reported the highest percentage of risk in FY Institutions with a gross loan portfolio greater than 1000 crore have the majority of their risk portfolio in the greater than 90 days bucket. For institutions with a gross loan portfolio less than 100 crore, they have the bulk of their risk portfolio found in the days bucket. Institutions having their portfolio sizes less than 100 crore had the maximum amount of loans written off during the year.

15 All India Benchmark Tables India Microfinance Sector: FY viii

16 Institutional Characteristics

17 Assets Amount in Crore (INR) Fiscal Year Total Assets Minimum Maximum Median Average FY `24, `0.40 `5, `58.73 ` `31, `1.71 `6, `65.53 ` Growth in Total Assets Institutional Characteristics Amount in Crore (INR) Total Assets 35,000 `31, % 30,000 3 `24, ,000 25% 20, ,000 15% 10, ,000 5% 14.18% 29.74% 0 % Growth Growth in Total Assets Amount in Crore (INR) Peer group Sub-group # of MFI Total Minimum Maximum Median Average Assets 82 `31, `1.71 `6, `65.53 ` New 3 ` `3.31 `66.51 `43.33 `37.72 Young 25 `4, `1.71 `1, `60.77 ` Mature 54 `26, `3.26 `6, `78.28 ` NBFI 53 `27, `5.30 `6, ` ` NGO 23 `4, `1.71 `2, `14.10 ` Other 6 ` `3.26 ` `9.42 `43.80 <100 Crore 48 `1, `1.71 ` `19.68 ` Crore 19 `4, ` ` ` ` Crore 6 `4, ` `1, ` ` >1000 Crore 9 `20, ` `6, `2, `2, Average - for FY ,500 by GLP `2, Amount in Crore (INR) ,500 1, `37.72 New ` ` ` ` `43.80 `33.28 ` ` Young Mature NBFI NGO Other <100 cr cr cr >1000 cr ` Average values of Peer Groups Average of Total Assets (Benchmark line) List of Institutions by Assets for FY Amount in Crore (INR) Order # Name of the MFI Assets MFI Listing by GLP 1 Bandhan Financial Services Pvt Ltd. Mature NBFI `6, Shri Kshethra Dharmasthala Rural Development Project Mature NGO `2, Janalakshmi Financial Services Pvt Ltd Mature NBFI `2, Grameen Koota Financial Services Pvt Ltd Mature NBFI `1, Muthoot Fincorp Ltd Young NBFI ` Grama Vidiyal Microfinance Ltd. Mature NBFI ` Utkarsh Micro Finance Pvt. Ltd. Young NBFI ` Sonata Finance Private Ltd Mature NBFI ` Suryoday Micro Finance Pvt Ltd Young NBFI ` Shri Mahila Sewa Sahakari Bank Ltd Mature Other ` Village Financial Services Private Ltd. Mature NBFI ` Mahasemam Mature NGO `83.85 Balanced Panel Information: Data balanced for FY to FY ; n = 82 3

18 Equity Institutional Characteristics Amount in Crore (INR) Fiscal Year Total Equity Minimum Maximum Median Average FY ` ` ` `11.60 `40.56 ` ` `1, `12.92 `54.77 Growth in Total Equity Amount in Crore (INR) Total Equity Growth in Total Equity 5,000 `4, % 3 4,000 2 `3, ,000 2, , % % Growth Amount in Crore (INR) Peer group Sub-group # of MFI Total Minimum Maximum Median Average Equity 82 `4, ` `1, `12.92 `54.77 New 3 `56.85 `0.05 `44.70 `12.10 `18.95 Young 25 ` `0.36 ` `14.49 `37.28 Mature 54 `3, ` `1, `11.62 `64.85 NBFI 53 `4, ` `1, `32.11 `77.99 NGO 23 ` `0.05 ` `2.09 `13.13 Other 6 `55.48 `0.50 `44.95 `2.13 `9.25 <100 Crore 48 ` `0.05 `44.95 `5.13 ` Crore 19 ` `90.49 `87.49 `38.16 ` Crore 6 ` ` ` ` `63.96 >1000 Crore 9 `2, ` `1, ` ` Average - for FY Amount in Crore (INR) `18.95 New `37.28 `64.85 `77.99 `13.13 `9.25 Young Mature NBFI NGO Other <100 cr cr cr >1000 cr `9.74 by GLP `63.96 ` `42.42 `54.77 Average values of Peer Groups Average of Total Equity (Benchmark line) MFI Listing by GLP List of Institutions by Equity for FY Amount in Crore (INR) Order # Name of the MFI Assets 1 Bandhan Financial Services Pvt Ltd. Mature NBFI `1, Janalakshmi Financial Services Pvt Ltd Mature NBFI ` SKS Microfinance Limited Mature NBFI ` Grameen Koota Financial Services Pvt Ltd Mature NBFI ` Muthoot Fincorp Ltd Young NBFI ` ESAF Microfinance and Investments Pvt Ltd Mature NBFI ` Suryoday Micro Finance Pvt Ltd Young NBFI ` Sonata Finance Private Ltd Mature NBFI ` Semam Microfinance Investment Literacy & Empower Ltd Mature NBFI ` Shri Mahila Sewa Sahakari Bank Ltd Mature Other ` Jagaran Microfin Private Ltd. New NBFI `44.70 Balanced Panel Information: Data 3balanced for Asa FY International to FY ; India n Microfinance = 82; Market share Pvt. of Ltd FY data = 97% Young NBFI `41.13 Balanced Panel Information: Data balanced for FY to FY ; n = 82 4

19 Borrowings Amount in Crore (INR) Fiscal Year Total Borrowings Minimum Maximum Median Average FY `18, `1.06 `4, `36.32 ` `24, `0.15 `5, `43.17 ` Growth in Total Borrowings Institutional Characteristics Amount in Crore (INR) Total Borrowings 30,000 32% `24, ,000 20,000 `18, % 15, ,000 5,000 Growth in Total Borrowings 31.54% % 0 28% % Growth Amount in Crore (INR) Peer group Sub-group # of MFI Total Minimum Maximum Median Average Borrowings 76 `24, `0.15 `5, `43.17 ` New 2 `33.53 `3.25 `30.28 `16.76 `16.76 Young 25 `3, `0.15 `1, `32.82 ` Mature 49 `20, `2.16 `5, `68.11 ` NBFI 48 `20, `4.51 `5, ` ` NGO 23 `3, `0.15 `2, `7.53 ` Other 5 `41.97 `2.16 `21.96 `6.46 `8.39 <100 Crore 42 ` `0.15 `68.11 `10.89 ` Crore 19 `3, `77.77 ` ` ` Crore 6 `3, ` ` ` ` >1000 Crore 9 `16, ` `5, `1, `1, Average - for FY ,000 1,800 by GLP `1, Amount in Crore (INR) 1,600 1,400 1,200 1, `16.76 New ` ` ` ` `8.39 `16.94 ` ` Young Mature NBFI NGO Other <100 cr cr cr >1000 cr ` Average values of Peer Groups Average of Total Borrowings (Benchmark line) List of Institutions by Borrowings for FY Amount in Crore (INR) Order # Name of the MFI Assets MFI Listing by GLP 1 Bandhan Financial Services Pvt Ltd. Mature NBFI `5, Shri Kshethra Dharmasthala Rural Development Project Mature NGO `2, Janalakshmi Financial Services Pvt Ltd Mature NBFI `1, Grameen Koota Financial Services Pvt Ltd Mature NBFI ` Muthoot Fincorp Ltd Young NBFI ` Asmitha Microfin Ltd Mature NBFI ` Utkarsh Micro Finance Pvt. Ltd Young NBFI ` Sonata Finance Private Ltd Mature NBFI ` Suryoday Micro Finance Pvt Ltd Young NBFI ` Village Financial Services Private Ltd Mature NBFI ` Samasta Microfinance Ltd Young NBFI ` Chaitanya India Fin Credit Private Limited Young NBFI `47.74 Balanced Panel Information: Data balanced for FY to FY ; n = 76 5

20 Number of Branches Institutional Characteristics Fiscal Year Branches Minimum Maximum Median Average FY , , , , Growth in Total Number of Branches Number of Branches 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Total Number of Branches 10,343 11,560 % Growth Growth in Total Number of Branches 14% 12% 11.77% 1 8% 6% 4% 2% -2% -4% -3.06% s Peer group Sub-group # of MFI Total Minimum Maximum Median Average Number of Branches 79 11, , New Young 25 1, Mature 50 9, , NBFI 51 10, , NGO 21 1, Other <100 Crore 44 1, Crore 20 2, Crore 6 1, >1000 Crore 9 6, , Average - Benchmark value by peer group for FY by GLP 697 Number of Branches New Young Mature NBFI NGO Other <100 cr cr cr >1000 cr Average values of Peer Groups Average of Total Number of Branches (Benchmark line) List of Institutions by Number of Branches for FY Order # Name of the MFI No.of Branches MFI Listing by GLP 1 Bandhan Financial Services Pvt Ltd. Mature NBFI 2,016 2 SKS Microfinance Limited Mature NBFI 1,255 3 Spandana Sphoorty Financial Limited Mature NBFI 1,061 1 Grameen Koota Financial Services Pvt Ltd Mature NBFI Asmitha Microfin Ltd Mature NBFI Cashpor Micro Credit Mature NGO IFMR Rural Channels New Other Madura Micro Finance Ltd Mature NBFI Sonata Finance Private Ltd Mature NBFI ASA International India Microfinance Pvt. Ltd Young NBFI Village Financial Services Private Ltd Mature NBFI Sarvodaya Nano Finance Limited Mature NBFI 91 Balanced Panel Information: Data balanced for FY to FY ; n = 79 6

21 Personnel Fiscal Year Personnel Minimum Maximum Median Average FY , , , , ,019 Growth in Total Personnel Institutional Characteristics Personnel 80,000 60,000 Total Personnel Growth in Total Personnel 81,491 15% 73, % 1 40,000-5% 20, % % Growth 5% % Peer group Sub-group # of MFI Total Minimum Maximum Median Average Personnel 80 81, , ,019 New 4 1, Young 25 11, , Mature 51 68, , ,339 NBFI 51 68, , ,346 NGO 22 11, , Other 7 1, <100 Crore 45 7, Crore 20 12, , Crore 6 11,903 1,560 2,294 2,016 1,984 >1000 Crore 9 50,117 1, ,388 5,569 Average - Benchmark value by peer group for FY ,000 by GLP 5,569 5,000 Personnel ,000 2,000 1, New 474 1,339 1, Young Mature NBFI NGO Other <100 cr cr cr >1000 cr ,984 1,019 Average values of Peer Groups Average of Total Personnel (Benchmark line) List of Institutions by Personnel for FY Order # Name of the MFI Personnel MFI Listing by GLP 1 Bandhan Financial Services Pvt Ltd. Mature NBFI 13,010 2 SKS Microfinance Limited Mature NBFI 8,932 3 Shri Kshethra Dharmasthala Rural Development Project Mature NGO 6,814 1 Cashpor Micro Credit Mature NGO 2,294 2 Muthoot Fincorp Ltd Young NBFI 2,269 3 Grama Vidiyal Microfinance Ltd Mature NBFI 2,220 1 Bharatiya Samruddhi Finance Ltd Mature NBFI 1,276 2 Sonata Finance Private Ltd Mature NBFI 1,114 3 Semam Microfinance Investment Literacy & Empower Ltd Mature NBFI 1,036 1 Village Financial Services Private Ltd Mature NBFI Sarvodaya Nano Finance Limited Mature NBFI Sahara Utsarga Welfare Society Mature NGO 461 Balanced Panel Information: Data balanced for FY to FY ; n = 80 7

22 Financing Structure

23 Capital to Assets Ratio Fiscal Year Minimum Maximum Median Weighted Average FY % 97.75% 22.05% 13.74% % 96.63% 21.52% 14.3 Capital to Assets Ratio 25% 2 15% 1 5% Median and Weighted Average of Capital to Assets Ratio 22.05% 21.52% 13.74% 14.3 Median Weighted Average Financing Structure Peer group Sub-group # of MFI Minimum Maximum Median Weighted Average Capital to Assets Ratio % 96.63% 21.52% 14.3 New % 27.93% 50.24% Young % 75.16% 19.78% 18.7 Mature % 96.63% 22.44% 13.31% NBFI % 96.63% 21.43% 15.24% NGO % 43.46% 17.89% 7.51 % Other % % 21.11% <100 Crore % 27.44% 29.25% Crore % 29.58% 19.78% 18.02% Crore % % 8.82% >1000 Crore % 20.64% 17.51% 13.51% Weighted Average - Benchmark value by peer group for FY by GLP Capital to Assets Ratio % % 15.24% 7.51% 21.11% 29.25% 18.02% 8.82% 13.51% New Young Mature NBFI NGO Other <100 cr cr cr >1000 cr WAV of Peer Groups WAV of Capital Assets Ratio (Benchmark line) List of Institutions by Capital to Assets Ratio for FY Order # Name of the MFI Assets MFI Listing by GLP 1 Janalakshmi Financial Services Pvt Ltd Mature NBFI 20.64% 2 SKS Microfinance Limited Mature NBFI 20.06% 3 Ujjivan Financial Services Pvt. Ltd Mature NBFI 18.06% 1 Grameen Koota Financial Services Pvt Ltd Mature NBFI EASF Microfinance and Investments Pvt Ltd Mature NBFI 19.52% 3 Muthoot Fincorp Ltd Young NBFI 16.06% 1 Arohan Financial Services Private Ltd Mature NBFI 29.58% 2 Madura Micro Finance Ltd Mature NBFI 27.45% 3 Semam Microfinance Investment Literacy & Empower Ltd Mature NBFI 27.03% 1 Nirantara Finaccess Private Limited Mature NBFI 96.63% 2 Agora Microfinance India Ltd Mature NBFI 85.23% 3 ASA International India Microfinance Pvt. Ltd Young NBFI 75.16% Balanced Panel Information: Data balanced for FY to FY ; n = 82 Note: WAV = Weighted average value for the period under review 11

24 Debt to Equity Ratio Fiscal Year Minimum Maximum Median Weighted Average FY Median and Weighted Average of Debt to Equity Ratio 4 Financing Structure Debt to Equity Ratio Median Weighted Average Peer group Sub-group # of MFI Minimum Maximum Median Weighted Average Debt to Equity Ratio New Young Mature NBFI NGO Other <100 Crore Crore Crore >1000 Crore Weighted Average - Benchmark value by peer group for Debt to Equity Ratio by GLP New Young Mature NBFI NGO Other <100 cr cr cr >1000 cr WAV of Peer Group WAV of Debt to Equity Ratio (Benchmark line) List of Institutions by Debt to Equity Ratio for FY Order # Name of the MFI Debt to Equity Ratio MFI Listing by GLP 1 Shri Kshethra Dharmasthala Rural Development Project Mature NGO Satin Creditcare Network Limited Mature NBFI Bandhan Financial Services Pvt Ltd Mature NBFI Cashpor Micro Credit Mature NGO Grama Vidiyal Microfinance Ltd Mature NBFI Muthoot Fincorp Ltd Young NBFI SV Creditline (P) Ltd Young NBFI Asirvad Microfinance Private Limited Young NBFI Annapurna Microfinance Pvt. Ltd Young NBFI Gramalaya Microfin Foundation New NGO Samhita Community Development Services Young NGO Grameen Sahara Matia Goalpara Mature NGO Balanced Panel Information: Data balanced for FY to FY ; n = 82 Note : WAV = weighted average value for the period under review 12

25 Gross Loan Portfolio to Total Assets Fiscal Year Minimum Maximum Median Weighted Average FY % % 84.38% 98.93% 44.58% % % Median and Weighted Average of Gross Loan Portfolio to Total Assets Gross Loan Portfolio to Total Assets % 84.38% % Median Weighted Average Financing Structure Peer group Sub-group # of MFI Minimum Maximum Median Weighted Average Gross Loan Portfolio to Total Assets % % % New % 86.31% 88.43% Young % % 85.75% 88.76% Mature % % 85.69% % NBFI % % 86.31% % NGO % % 85.47% % Other % 90.98% 80.47% 55.25% <100 Crore % % 82.53% 80.28% Crore % % 86.89% 87.82% Crore % % 94.24% % >1000 Crore % % 94.82% Average - Benchmark value by peer group for FY Gross Loan Portfolio to Total Assets % 88.76% % % % 55.25% 80.28% by GLP 87.82% % % New Young Mature NBFI NGO Other <100 cr cr cr >1000 cr WAV of Peer Groups WAV of Gross Loan Portfolio to Total Assets (Benchmark line) List of Institutions by Gross Loan Portfolio to Total Assets for FY Order # Name of the MFI Gross Loan Portfolio to Total Assets MFI Listing by GLP 1 Spandana Sphoorty Financial Limited Mature NBFI % 2 Share Microfin Ltd Mature NBFI % 3 SKS Microfinance Limited Mature NBFI % 1 Asmitha Microfin Ltd Mature NBFI % 2 Muthoot Fincorp Ltd Young NBFI Grama Vidiyal Microfinance Ltd Mature NBFI 96.67% 1 Bharatiya Samruddhi Finance Ltd Mature NBFI % 2 Disha Microfin Private Limited Young NBFI % 3 Future Financial Services Limited Mature NBFI % 1 Gramalaya Microfin Foundation New NGO % 2 Humana People To People India Young NGO % 3 Samhita Community Development Services Young NGO % Balanced Panel Information: Data balanced for FY to FY ; n = 82 Note : (i) Gross loan portoflio inclludes On Balance sheet and Off Balance sheet loan portfolio. (ii) WAV = weighted average value for the period under review 13

26 Outreach Indicators

27 Number of Active Borrowers Units in Thousands Fiscal Year Active Borrowers Minimum Maximum Median Average FY , , , , Growth in Total Number of Active Borrowers Units in thousands Total Number of Active Borrowers 35,000 32,359 30,000 26,949 25,000 20,000 15, ,000 5,000 0 % Growth Growth in Total Number of Active Borrowers 25% 20.07% 2 15% 5% 9.42% Units in Thousands Peer group Sub-group # of MFI Total Minimum Maximum Median Average Number of Active Borrowers 80 32, , New Young 25 4, , Mature 51 27, , Outreach Indicators NBFI 50 27, , NGO 23 4, Other <100 Crore 45 1, Crore 20 3, Crore 6 3, >1000 Crore 9 23, ,410 2,036 2,559 Average - Benchmark value by peer group for FY ,000 by GLP 2,559 Units in thousands 2,500 2,000 1,500 1, New Young Mature NBFI NGO Other <100 cr cr cr >1000 cr 640 Average values of Peer Groups Average of Total Number of Active Borrowers (Benchmark line) List of Institutions by Borrowers for FY Units in Thousands GLP Order # Name of the MFI Active Borrowers MFI Listing by GLP 1 Bandhan Financial Services Pvt Ltd Mature NBFI 5,410 2 SKS Microfinance Limited Mature NBFI 4,963 3 Shri Kshethra Dharmasthala Rural Development Project Mature NGO 3,049 1 Asmitha Microfin Ltd Mature NBFI Muthoot Fincorp Ltd Young NBFI Cashpor Micro Credit Mature NGO Semam Microfinance Investment Literacy & Empower Ltd Mature NBFI Bharatiya Samruddhi Finance Ltd Mature NBFI Utkarsh Micro Finance Pvt. Ltd Young NBFI Village Financial Services Private Ltd Mature NBFI Mahasemam Mature NGO BWDA Finance Ltd Mature NBFI 97 Balanced Panel Information: Data balanced for FY to FY ; n = 80 17

28 Number of Loans Outstanding Units in thousands Fiscal Year Total Minimum Maximum Median Average FY , , , , Growth in Total Number of Loans Outstanding Units in thousands Total Number of Loans Outstanding Growth in Total Number of Loans Outstanding 35,000 30,764 25% ,000 25, ,000 20,000 15% 15, ,000 5,000 0 % Growth 5% 7.74% Outreach Indicators Units in thousands Peer group Sub-group # of MFI Total Minimum Maximum Median Average Number of Loans Outstanding 78 30, , New Young 25 4, , Mature 49 25, , NBFI 49 24, , NGO 23 5, Other <100 Crore 44 1, Crore 20 4, Crore 6 4, , >1000 Crore 8 20, ,410 2,066 2,517 Average - Benchmark value by peer group for FY ,000 by GLP 2,517 2,500 Units in thousands 2,000 1,500 1, New Young Mature NBFI NGO Other <100 cr cr cr >1000 cr Average values of Peer Groups Average of Total Number of Loans Outstanding (Benchmark line) List of Institutions by Number of Loans Outstanding for FY Units in thousands GLP Order# Name of the MFI No. of Loans Outstanding MFI Listing by GLP 1 Bandhan Financial Services Pvt Ltd Mature NBFI 5,410 2 Shri Kshethra Dharmasthala Rural Development Project Mature NGO 4,309 3 Spandana Sphoorty Financial Limited Mature NBFI 2,765 1 Asmitha Microfin Ltd Mature NBFI 1,212 2 Grameen Koota Financial Services Pvt Ltd Mature NBFI Grama Vidiyal Microfinance Ltd Mature NBFI Semam Microfinance Investment Literacy & Empower Ltd Mature NBFI Bharatiya Samruddhi Finance Ltd Mature NBFI Utkarsh Micro Finance Pvt. Ltd Young NBFI Village Financial Services Private Ltd Mature NBFI Mahasemam Mature NGO BWDA Finance Ltd Mature NBFI 97 Balanced Panel Information: Data balanced for FY to FY ; n = 78 18

29 Gross Loan Portfolio Amount in Crore (INR) Fiscal Year Total Minimum Maximum Median Average FY `24, `0.06 `4, `46.97 ` `32, `0.77 `6, `51.34 ` Growth in Total Gross Loan Portfolio Amount in Crore (INR) Total Gross Loan Portfolio Growth in Total Gross Loan Portfolio 35,000 ` ,000 35% 35.64% 25,000 `24, % 20, % 15,000 15% 10, ,000 5% 0 % Growth Amount in Crore (INR) Peer group Sub-group # of MFI Total Minimum Maximum Median Average Gross Loan Portfolio 84 `32, `0.77 `6, `51.34 ` New 4 ` `11.44 ` `44.30 `97.71 Young 25 `4, `0.77 `1, `49.13 ` Mature 55 `27, `2.64 `6, `59.65 ` Outreach Indicators NBFI 54 `27, `5.11 `6, ` ` NGO 23 `4, `0.77 `3, `13.42 ` Other 7 ` `2.64 ` `8.55 `62.28 <100 Crore 49 `1, `0.77 `89.72 `19.16 ` Crore 20 `4, ` ` ` ` Crore 6 `4, ` ` ` ` >1000 Crore 9 `22, `1, `6, `2, `2, Average - Benchmark value by peer group for FY Amount in Crore (INR) 3,000 2,500 2,000 1,500 1, `97.71 New by GLP `2, ` ` ` ` ` ` `62.28 ` `27.10 Young Mature NBFI NGO Other <100 cr cr cr >1000 cr Average of Peer Groups Average of Total Gross Loan Portfolio (Benchmark line) List of Institutions by Gross Loan Portfolio for FY Amount in Crore (INR) GLP Order # Name of the MFI Gross Loan Portfolio MFI Listing by GLP 1 Bandhan Financial Services Pvt Ltd Mature NBFI `6, Shri Kshethra Dharmasthala Rural Development Project Mature NGO `3, SKS Microfinance Limited Mature NBFI `3, Asmitha Microfin Ltd Mature NBFI ` Grameen Koota Financial Services Pvt Ltd Mature NBFI ` Muthoot Fincorp Ltd Young NBFI ` Utkarsh Micro Finance Pvt. Ltd Young NBFI ` Sonata Finance Private Ltd Mature NBFI ` Suryoday Micro Finance Pvt Ltd Young NBFI ` Village Financial Services Private Ltd Mature NBFI ` Shri Mahila Sewa Sahakari Bank Ltd Mature Other ` Mahasemam Mature NGO `69.00 Balanced Panel Information: Data balanced for FY to FY ; n = 84 Note: Gross loan portfolio includes On and of balancesheet portfolio. 19

30 Average Loan Balance Per Borrower Fiscal Year Minimum Maximum Median Average FY `3,506 `23,499 `8.769 `8,991 `3,607 `50,120 `9,347 `10,141 Median and Average of Average Loan Balance per Borrower Average Loan Balance per Borrower 12,000 10,000 8,000 6,000 4,000 2,000 0 `8,769 `8.991 `9,347 `10,141 Median Average Outreach Indicators Peer group Sub-group # of MFI Minimum Maximum Median Average Average Loan Balance per Borrower 78 `3,607 `50,120 `9,347 `10,141 New 4 `6,137 `17,502 `7,657 `9,738 Young 25 `4,208 `15,056 `10,778 `9,715 Mature 49 `3,607 `50,120 `9,291 `10,391 NBFI 50 `3,607 `16,238 `10,758 `10,054 NGO 21 `4,208 `11,762 `7,423 `8,105 Other 7 `6,132 `50,120 `11,707 `16,870 <100 Crore 44 `3,607 `50,120 `8,096 `9, Crore 19 `6,810 `17,502 `11,103 `11, Crore 6 `9,626 `16,238 `11,254 `12,138 >1000 Crore 9 `6,272 `14,532 `10,496 `10,505 Weighted Average - Benchmark value by peer group for FY Average Loan Balance per Borrower 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 New `9,738 `9,715 `10,391 `16,870 `10,054 `9,297 `8,105 by GLP `11,292 `12,138 `10,505 Young Mature NBFI NGO Other <100 cr cr cr >1000 cr `10,141 Average values of Peer Groups Average of Average Loan Blance per Borrower (Benchmark line) List of Institutions by Average Loan Balance Per Borrower for FY GLP Order # Name of the MFI Average Loan Balance per Borrower MFI Listing by GLP 1 Janalakshmi Financial Services Pvt Ltd Mature NBFI `14,532 2 Satin Creditcare Network Limited Mature NBFI `13,200 3 Ujjivan Financial Services Pvt. Ltd Mature NBFI `12,468 1 Grameen Koota Financial Services Pvt Ltd Mature NBFI `16,238 2 EASF Microfinance and Investments Pvt Ltd Mature NBFI `13,469 3 Muthoot Fincorp Ltd Young NBFI `11,382 1 IFMR Rural Channels New Other `17,502 2 BSS Microfinance Pvt. Ltd Mature NBFI `16,169 3 Sahayog Microfinance Ltd Young NBFI `14,344 1 Shri Mahila Sewa Sahakari Bank Ltd Mature Other `50,120 2 YVU Microfin - YMF Young Other `15,056 3 Chaitanya India Fin Credit Privated Limited Young NBFI `12,190 Balanced Panel Information: Data balanced for FY to FY ; n = 78 20